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A Memorandum of Understanding (MoU) has been signed between ORIX Leasing Pakistan Limited, Sazgar Engineering Works Limited, SKP Consulting Limited & dealers of Sazgar Rickshaw to jointly launch ORIX-Sazgar Ijara services for rickshaw financing in Lahore.

Under the project, which has been facilitated by SKP, ORIX shall finance Sazgar Rickshaws in Lahore region under Ijara financing with a low down payment and balance repayable in 36 monthly installments with Takaful coverage. The Ijara product is specifically targeted to provide respectable employment and income generating opportunities for the low income households and also with a view to facilitate the commuters of local transport. ORIX & Sazgar have shown interest in expanding this programme to other parts of the country and also to seek potential of partnership in South East Asia.

ORIX Leasing Pakistan Ltd (OLP), a subsidiary of ORIX Corporation Japan, has been operating in Pakistan since 1986, offering a wide range of financial services fro corporate & industrial sectors of the country with special focus on SME financing. Under its Micro Finance Programme, the company has disbursed Rs 1.41 billion to over 43,000 clients for income generating purposes since 2003 with funding assistance from Pakistan Poverty Alleviation Fund (PPAF). The company has been an active partner of Swiss Agency for Development & Corporation (SDC) in promoting Micro Leasing in Pakistan since 1999. OLP’s Micro Finance Division holds a healthy portfolio of over 18,500 active loans with an outstanding amount of Rs 224 million. Sazgar Engineering Works was incorporated in 1991 as a private limited company and converted into public limited company in 1994. It is listed on all stock exchanges of the country since 1996. Please visit http://www.orixpakistan.com/ for more information on ORIX.

Sazgar is a market leader in CNG 4-Stroke Auto Rickshaws in Pakistan. The company has developed a new generation environment friendly CNG 4-stroke rickshaw. After the 4-stroke rickshaws were launched in September 2005, Sazgar faced competition from Indian, Chinese & Thai technology. Due to Sazgar’s constant R&D, attractive design, passenger & driver comfort and low maintenance, it became the market leader within 2 years of production and started exporting its products to various countries, which had been dominated by Indian rickshaws for the past two decades. It is an achievement for Sazgar that its rickshaw is the only vehicle from Pakistan, which has ever been exported to Japan. Please visit http://www.sazgarautos.com/ for more information on Sazgar.

SKP Consulting Ltd (SKP) is one of Pakistan’s oldest and largest consulting firms with over 25 years experience in the business services sector. The company is one of the few consulting firms in the country, which are actively involved in the export of services to foreign clients. Various services such as management & financial consultancy, human resource consultancy, virus protecting services, business process outsourcing and corporate law services have been offered by the company.